Catalyst Bancorp (NASDAQ: CLST) Engages HORNE LLP as Independent Registered Public Accounting Firm

Catalyst Bancorp, Inc. recently announced a significant development regarding its choice of an independent registered public accounting firm. The company’s Board of Directors, through its Audit Committee, undertook a competitive process aimed at selecting an independent registered public accounting firm for the fiscal year ending December 31, 2025.

After inviting various independent registered public accounting firms to participate in this process, the Board of Directors, upon the Audit Committee’s recommendation, approved the engagement of HORNE LLP (“HORNE”) as Catalyst Bancorp’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This appointment is subject to the completion of HORNE’s standard client acceptance procedures and the execution of an engagement letter.

Castaing, Hussey & Lolan, LLC (“CHL”), the company’s current independent registered public accounting firm, will continue in its role for the year ending December 31, 2024. Notably, CHL’s previous reports on Catalyst Bancorp’s consolidated financial statements for the fiscal years ended December 31, 2023, and 2022, did not include any adverse opinion or disclaimer of opinion, nor were they qualified or modified concerning uncertainty, audit scope, or accounting principles.

Throughout the fiscal years ended December 31, 2023, and 2022, and the subsequent period leading up to November 20, 2024, there were no disagreements meeting the specified criteria between Catalyst Bancorp and CHL on accounting principles, financial statement disclosure, or auditing scope or procedure. Additionally, there were no “reportable events” during this period.

Before filing the Form 8-K with the Securities and Exchange Commission (“SEC”), the company shared the relevant disclosures with CHL and requested a statement from CHL confirming their agreement with the statements provided.

During the fiscal years ended December 31, 2023, and 2022, as well as the period until November 20, 2024, Catalyst Bancorp did not consult with HORNE on matters related to specific transactions, audit opinions, disagreements, or reportable events.

In compliance with the Securities Exchange Act of 1934 requirements, the company’s president and Chief Executive Officer, Joseph B. Zanco, signed the report on November 26, 2024.

This change in the independent registered public accounting firm reflects Catalyst Bancorp’s commitment to ensuring robust financial oversight and transparency in its operations.

This article is based on the 8-K SEC Filing submitted by Catalyst Bancorp regarding its appointment of HORNE LLP as its independent registered public accounting firm.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Catalyst Bancorp’s 8K filing here.

About Catalyst Bancorp

Catalyst Bancorp, Inc operates as a holding company for Catalyst Bank that provides various banking services to individuals and businesses in Louisiana. The company accepts various deposit products, including savings accounts, demand and NOW accounts, money market accounts, and certificates of deposit.